SkyWest reports a 127% rise in revenues

St. George-based SkyWest Inc. reported a 127 percent jump in revenues for the quarter ended Dec. 31, 2005, thanks in part to its beefed-up fleet and a bump in fuel cost reimbursements from its partners.

Total operating revenues were $742.4 million for the quarter, the company reported Thursday, compared to $326.7 million for the same period last year. For the full year 2005, SkyWest reported operating revenues of $2 billion, compared to $1.2 billion for 2004.

Net income for the quarter was $38.7 million for the quarter, or 64 cents per diluted share — an 82.1 percent increase over the $21.2 million it reported for the same quarter a year ago.

Analysts had expected profit of 63 cents a share, according to Thomson Financial.

For the 12 months ending Dec. 31, 2005, net income was $112.3 million, or $1.90 per diluted share, compared to $82 million, or $1.40 per diluted share, for the same period last year.

SkyWest on Sept. 7, 2005, completed its $426.6 million purchase of Atlantic Southeast Airlines from Delta Air Lines Inc. That purchase is reflected in the quarterly and year-end results.

SkyWest reported a 125.4 percent increase in available seat miles for the quarter, primarily as a result of a year-over increase in fleet size to 380 aircraft from 210.

At year's end, the company had about $324.5 million in cash and securities and reported $1.42 billion in long-term debt.

SkyWest stock fell 94 cents, or 3.2 percent, to close at $28.43 per share Thursday on Nasdaq. In the past year, the stock price has ranged from $16.22 to $34.09.

SkyWest Airlines, based in St. George, and ASA, based in Atlanta, are wholly owned subsidiaries of SkyWest. SkyWest Airlines operates as United Express and Delta Connection carriers under agreements with United Airlines and Delta. ASA operates as a Delta Connection carrier Systemwide, SkyWest serves approximately 218 cities in the United States, Canada, Mexico and the Caribbean, with approximately 2,400 daily departures.